Press Release: UK P&I Club announces strong results for 2024 renewals season

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The UK P&I Club has announced the successful completion of the P&I renewal for 2024. The 2024 renewal focus has been on portfolio management, providing strong support to the Club’s high-quality membership and a fair outcome for all Members, in line with Board expectation. The Club’s consistent approach saw positive gains from its core Mutual membership and its overall year-on-year growth in entered Mutual tonnage is approximately 2m GT. The Club is also encouraged by the excellent volume of newbuilding commitments from current and new Members. The Club’s robust underwriting and focus on fairness across the book has resulted in the departure of some under-performing tonnage.

William Beveridge, Chief Underwriting Officer, UK P&I Club, said: “We are pleased with the success of the 2024 renewal, especially in the context of the Club’s progression and positioning for future results. Our concerted focus on Member quality creates a strong platform for future success.

“We are proud of the consistent, flexible, and partnership-based approach that we take to protecting our Members, in a market of evolving risk and volatility. Our Members have appreciated this approach and this is reflected in the support we have seen through this renewal period.

“The Club’s focus on quality has led to the loss of some renewing tonnage, particularly in the under-performing charterers’ liability sector. 

“Following several tough years for P&I Clubs, the landscape is improving and we anticipate another year of stable underwriting results for the Club. Our free reserves are among the strongest in the industry and we expect healthy investment returns to further strengthen the balance sheet.”

Andrew Taylor, Chief Executive, UK P&I Club, concluded: “The marine industry continues to navigate its way through energy and digital transitions, as well as geopolitical challenges. In this environment, the wider value that Club offers is of increasing importance to Members.

“Our market-leading claims service, loss prevention, technical expertise and industry foresight ensures that our Members have the best support, as their operating environment becomes increasingly complex.

Our near-term focus is to reinforce our safety and risk management services to further strengthen the value we already provide.”

Staff Author

UK P&I

Date20/02/2024

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